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This Week in Real Estate: Boston’s BYOB law updates, rising condo prices and more

by Bill McBride

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In case you missed it: notable news this week included changes to Boston’s BYOB laws, as well as move by the mayor’s office to cover some students’ college tuition costs. Stay informed about the latest in real estate news with our weekly roundup:

 

New program covers college tuition – Under a program announced by Mayor Marty Walsh’s office last Friday, graduates of Boston Public Schools will have the opportunity to attend two community colleges free of charge starting June 1, according to a release from the mayor’s office. City officials estimate that the program would cost $420,000 a year, and could cover the tuition costs of over 200 students. To learn more about the program, head over to Learning Lab’s website.

 

Boston gets BYOB – The City of Boston’s Licensing Board voted unanimously to change its laws to allow patrons to bring their own alcohol to restaurants last Thursday, according to a statement from the mayor’s office. Current regulations do not allow patrons to bring their own alcoholic beverages for their own consumption onto the premise of any licensed establishment. A complete report on the city’s plans to change the laws is available here.

 

Luxury condos drive prices – For the first time since 2012, condo prices in Massachusetts have risen more than single-family homes. Home prices fell below the national average in February, while luxury condos drove the median price above those of single-family homes. To read more about home prices in Massachusetts as they relate to Boston, go here.

 

The two things people love remodeling – A new report by the National Association of Home Builders (NAHB) found that kitchen and bath remodeling retained their positions as the most common remodeling projects in 2015. The data was collected from the NAHB’s Home Builder’s Remodeling Market Index survey, which measures conditions in the remodeling market. Learn more about the survey’s findings here.

 

Student loan debt surprise – New reports from the Brookings Institute and RISMedia have found that student loan debt does not affect home ownership among younger demographics. The reports found that those without a college degree were more likely to own a home at an earlier age because they had settled down earlier. College-educated people, on the other hand, delayed buying a home due to being in college, and were more likely to catch up by age 27, and were also more likely to own a home than those without a college degree. To learn more about the studies, visit Realtor Magazine’s website.

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